Aaron Cowen Suvretta Capital Management
Aaron Cowen is the founder of Suvretta Capital Management, a long/short equity firm with a fundamental research process. The firm invests across sectors with an emphasis on differentiated fundamental views. Cowen’s disclosures are tracked by investors who follow mid-to-large fundamental hedge funds.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Coca-Cola
KO
|
+$58.2M |
| 2 |
Dick's Sporting Goods
DKS
|
+$48.3M |
| 3 |
GE HealthCare
GEHC
|
+$37.1M |
| 4 |
Danaher
DHR
|
+$31.2M |
| 5 |
GE Aerospace
GE
|
+$24M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Insmed
INSM
|
+$95.9M |
| 2 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$92.5M |
| 3 |
Microsoft
MSFT
|
+$35.3M |
| 4 |
Chipotle Mexican Grill
CMG
|
+$27.1M |
| 5 |
United Airlines
UAL
|
+$26.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 48.97% |
| 2 | Technology | 9.89% |
| 3 | Consumer Discretionary | 5.64% |
| 4 | Financials | 4.91% |
| 5 | Communication Services | 4.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $432M | 13.04% |
700,000
+300,000
| +75% | +$171M |
|
2
Arcutis Biotherapeutics
ARQT
$3.15B
| $162M | 4.88% |
11,535,582
+112,604
| +1% | +$1.58M |
|
3
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $152M | 4.57% |
+702,500
| New | +$141M |
|
|
ETNB
4
DELISTED
89bio
ETNB
| $140M | 4.21% |
14,210,000
-125,244
| -0.9% | -$1.04M |
|
5
Legend Biotech
LEGN
$4.24B
| $134M | 4.04% |
3,774,009
+24,044
| +0.6% | +$779K |
|
6
Meta Platforms (Facebook)
META
$1.4T
| $125M | 3.78% |
169,845
-9,819
| -5% | -$6.07M |
|
7
Benitec Biopharma
BNTC
$463M
| $116M | 3.48% |
9,876,506
| – | – |
|
|
8
Coca-Cola
KO
$392B
| $87.3M | 2.63% |
1,233,230
+817,510
| +197% | +$58.2M |
|
9
Ultragenyx Pharmaceutical
RARE
$2.55B
| $82.8M | 2.5% |
2,278,000
+253,500
| +13% | +$9.14M |
|
|
10
GE Aerospace
GE
$361B
| $79.9M | 2.41% |
310,262
+109,600
| +55% | +$24M |
|
11
Biohaven
BHVN
$2.09B
| $79.3M | 2.39% |
5,620,271
| – | – |
|
12
CALL
NVIDIA
NVDA
$5.2T
| $79M | 2.38% |
+500,000
| New | +$62.9M |
|
|
13
NVIDIA
NVDA
$5.2T
| $78.9M | 2.38% |
499,562
+146,797
| +42% | +$18.5M |
|
14
ArriVent BioPharma
AVBP
$1.44B
| $74.3M | 2.24% |
3,412,788
+1,075,292
| +46% | +$22.3M |
|
15
TSMC
TSM
$2.17T
| $68M | 2.05% |
300,401
-50,113
| -14% | -$9.28M |
|
16
Immatics
IMTX
$1.22B
| $64.7M | 1.95% |
12,030,129
+2,895,100
| +32% | +$14.4M |
|
17
EyePoint Inc
EYPT
$459M
| $64M | 1.93% |
6,804,091
| – | – |
|
18
Apollo Global Management
APO
$78.4B
| $60.8M | 1.83% |
428,460
+31,920
| +8% | +$4.23M |
|
19
Advanced Micro Devices
AMD
$773B
| $56.6M | 1.71% |
398,799
-5,209
| -1% | -$567K |
|
20
Amazon
AMZN
$2.79T
| $56.5M | 1.7% |
257,625
-96,731
| -27% | -$19.1M |
|
|
KALV
21
DELISTED
KalVista Pharmaceuticals
KALV
| $56M | 1.69% |
4,955,000
+41,988
| +0.9% | +$513K |
|
|
22
Dick's Sporting Goods
DKS
$16.4B
| $51.5M | 1.55% |
+260,465
| New | +$48.3M |
|
23
Oracle
ORCL
$422B
| $50.4M | 1.52% |
230,728
+4,410
| +2% | +$712K |
|
|
APLS
24
DELISTED
Apellis Pharmaceuticals
APLS
| $49.8M | 1.5% |
2,878,000
+1,231,385
| +75% | +$22.8M |
|
|
25
Microsoft
MSFT
$3.59T
| $49.2M | 1.48% |
98,828
-81,297
| -45% | -$35.3M |
|
Similar funds
Aaron Cowen's Q2 2025 Portfolio in Review
As of Q2 2025, Aaron Cowen held 112 positions worth $3.32B, up 23% from $2.69B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Aaron Cowen deployed $387M of net new capital in Q2 2025, opening 12 new positions and adding to 30 existing holdings. Its largest new stake was Dick's Sporting Goods: 260,465 shares worth $51.5M.
By sector, the portfolio is most concentrated in Healthcare at 49% of assets, down from 60% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Insmed, an estimated $95.9M trimmed.
- Aaron Cowen's largest Q2 2025 buy was Dick's Sporting Goods: 260,465 shares worth $51.5M.
- Aaron Cowen added most to Coca-Cola in Q2 2025, an estimated $58.2M increase.
- Aaron Cowen's biggest Q2 2025 reduction was Insmed, cutting an estimated $95.9M.
- Aaron Cowen fully exited Intra-Cellular Therapies Inc. in Q2 2025, selling an estimated $92.5M.
- Aaron Cowen's ten largest holdings make up 46% of its $3.32B portfolio in Q2 2025.
- Aaron Cowen opened 12 new positions and closed 14 in Q2 2025.
- Aaron Cowen's portfolio value rose 23% quarter-over-quarter to $3.32B.
Based on Suvretta Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.